This release of the Global IRR Index monitors 402 closed end funds across vintages from pre-2001 to 2022. All of these 402 funds follow a non-core strategy as defined by their managers and include 350 value added and 52 opportunistic funds. This release of the Global IRR Index features 74 Asia Pacific funds, 152 European and 176 funds focused on the USA.
Key highlights:
- The 2019 vintage year, comprising 19 active vehicles, recorded the largest improvement among all vintages, increasing by 106 basis points to -6.64% in Q1.
- The funds launched in 2022 posted the largest quarter on quarter decline, down by 242 bps to 2.10%, from 4.52% in Q4.
- The two strongest vintage groups are still represented by funds launched before 2001 and between 2011 and 2013. They posted average IRRs of 14.73% and 14.05%, respectively.
- The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.19%.
The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of non-core strategy closed end non-listed real estate vehicles since inception on a global scale.
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Global Internal Rate of Return (IRR) Quarterly Index
Published on 01 Jul 2025
The first Global IRR Index provides data on the performance of value added and opportunity strategy closed end non-listed real estate funds in Asia Pacific, Europe and the US.